Which of the following theories applies to strategic behavior?
a. Field Theory
b. Game Theory
c. Theory of Consumers' Behavior
d. Social Contract Theory
e. Rational Choice Theory
b
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Answer the following statement(s) true (T) or false (F)
1. If the Open Range Field is currently a common property and the government decides to charge an entrance fee, this would result in an optimal level of activity in the Open Range Field. 2. Crowding at a common property site both reduces the benefits of visitors and increases the costs of being a visitor. 3. When people have identical tastes, nobody has any incentive to maintain or improve a property that is commonly owned. 4. When people have identical tastes, the rents created by a common property are totally dissipated. 5. When people have identical tastes, social gain can be created from a common property by imposing a Pigovian tax on entrants.
If the price of potato chips increases, other things constant, demand for potato-chip dip will:
a. not change; only quantity demanded will change. b. increase, because the goods are substitutes. c. decrease, because the goods are substitutes. d. decrease, because the goods are complements. e. increase, because the goods are complements.
Judging from the table of the four types of goods, goods that are rival in consumption would include ______.
a. movie streaming and security system
b. automobiles and rainforest trees
c. highway signs and street lighting
d. street lighting and security system
On the long-run aggregate supply curve
A) a decrease in the price level decreases the level of potential GDP. B) a decrease in the price level increases the aggregate quantity of GDP supplied. C) a decrease in the price level decreases the aggregate quantity of GDP supplied. D) a decrease in the price level has no effect on the aggregate quantity of GDP supplied.